Japanese industrial group Sumitomo Corporation and its subsidiary Sumitomo Corporation (China) Holding Ltd (SC Group) have announced that they agreed with Chinese construction company Beijing Capital Co., Ltd. (BC) and its subsidiary Beijing Capital Hong Kong Co., Ltd to enter into an alliance for water infrastructure-related business in Hong Kong.
SC Group has announced that, through a joint venture (JV) company to be formed among the partners, the group will participate in three waste water treatment service projects in the Chinese provinces of Shangdong and Zhejiang. The projects are now owned by BC group companies. The SC Group will hold 40 percent of equity interest in the JV, will name directors, and ultimately aims to invest JPY 50 billion in water-related businesses in the following three years.
The SC Group and BC will aim to expand the scale, areas and the countries of activity of the JV by conducting investment, development, operation and maintenance of water infrastructure-related businesses in China.